RELX PLC 2026 Q3 Earnings Call

Thanks for joining us today. As you may have seen from our press release this morning, we delivered strong underlying revenue growth of 7% in the first nine months, and we continue to see positive momentum across the group. Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers. Turning to the performance of each business area, in Risk, which contributes about 40% of the group's profit, underlying revenue growth was 8%, in line with the first half. Growth continues to be driven by our deeply embedded AI-enabled analytics and decision tools, with over 90% of revenue derived from machine-to-machine interactions. Business Services continue to be driven by financial crime compliance and digital fraud and identity solutions, and strong new sales.

Insurance continues to be driven by the further innovation and adoption of contributor databases and market-specific solutions, and strong new sales. In STM, which contributes about a third of the group's profit, underlying revenue growth was 6%, in line with the first half and a step-up from last year as we continue on the improving long-term growth trajectory. Databases, tools, and electronic reference continues to be driven by the rollout and adoption of our AI-enabled solutions, built on industry-leading trusted content. LeapSpace, our recently launched research-grade AI workspace, is receiving very positive customer feedback and is seeing rapid usage growth. Primary research continues to be driven by volume growth, with article submissions continuing to grow very strongly by over 20% year-to-date. You will hear more about the growth opportunity at STM at our investor seminar on November 3rd.

In Legal, which contributes up to 10% of the group's profit, underlying revenue growth was 10%, in line with the first half and a step up from last year. Law firms and corporate legal, with double-digit growth, continues to be driven by the adoption of our integrated AI-enabled legal research and analytics platform with its comprehensive, verified trusted content and continuously expanding agentic capabilities. In Exhibitions, which also contributes up to 10% of the group's profit, underlying revenue growth was 4%. Strong ongoing growth was moderated by the impact of Middle East disruption of around three percentage points. We continue to make good progress on value-enhancing digital initiatives for our customers. To summarize, we delivered strong underlying revenue growth in the first nine months. The full-year outlook is unchanged.

We expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis. With that, we are ready for questions.

Thank you. Yeah. Let's take those in order, George.

LeapSpace, yeah, as you say, I think it has been going very well. The product has been very well received. The feedback we are getting from customers has been very good, getting very high satisfaction. The researchers like the outcomes they are getting. It has given them good efficiency, saving time. I think they really value the trust that they can place in what they get from the platform. So that is terrific. I think on usage growth at the half year, we talked about the number of users doubling in the 90-day period from March to June. It is actually, if anything, we are going a little bit faster than that since then, so that is why we talk about the rapid usage growth. To your question, obviously at this stage, our focus is primarily on user growth and usage adoption, usage growth adoption, et cetera.

As a result of that, the impact on revenue is not material at this stage, but I think we are pretty excited about the longer-term opportunity. I am sure you will be at the STM seminar in a couple of weeks' time, and we will tell you more about LeapSpace at that event. Your second question was on law firms and corporate legal, and I did, I think, include it in my opening remarks, but just to reiterate it is continuing to grow at double digits. It is 70% of the division. It is growing a little bit faster than the division and the division as a whole, of course, is at double digits. So yes, continuing double digit. Exhibitions, look, our Exhibitions has established itself as a high growth business in the last few years with ongoing revenue growth in the sort of 7%-8% range.

If you look at the portfolio, excluding the impact of the Middle East, that very much continues to be the case. Obviously, there has been that impact both from events in the region and a little bit of effect on them. We talked about this in the first half a little bit from the travel disruption, including Middle East exhibitors coming to travel, particularly travel sector related events right through to the fourth quarter. So I think the impact we expect in the fourth quarter for the full year will be similar to what we have seen for the year to date. But underlying it, as you say, I think your question goes to the rest of the portfolio continuing to show good ongoing growth.